Investors Title Company reported record fourth quarter net income of $11.4 million, or $6.00 per diluted share, compared to $135,000, or $0.07 per diluted share, in the prior year period. The company's revenues for the year increased by 17.4% to a record $183.5 million.
The Company set new records for revenues, premiums, and earnings for both the quarter and the year.
A strong economy led to another year of increases in the level of home sales and average real estate values.
Historically low interest rates drove a sharp increase in the level of refinance activity.
The Company continued to experience a low level of overall claims activity.
The Company is optimistic that the strength in the economy will result in conditions favorable for continued strength in the real estate market and remains focused on enhancing competitive strengths, profitably expanding market presence, and strengthening the financial position.
Visualization of income flow from segment revenue to net income
Analyze how earnings announcements historically affect stock price performance